Local developer plans 46-unit apartment project near Goose the Market

Oxford Row Apartments, seen from the northeast, looking southwest, would consist of 46 units and 5,000 square feet of retail space. (Courtesy of Chatham Park Development)

A local developer plans to spend more than $12 million to build a trio of walk-up style apartment buildings along Delaware Street, just south of Fall Creek.

Plans call for the 46-unit Oxford Row project by Chatham Park Development to occupy about 1 acre across six parcels on Delaware—five parcels on the north side of 25th Street and another immediately south—with each three-story building having a different facade design.

The project at 2460 to 2524 N. Delaware St. would be made up of three buildings: The southernmost would have a predominantly washed gold masonry aesthetic, with stairs at its eastern entrance. Directly north and connected to that structure would be a red masonry-clad apartment and retail building with green awnings. Those two buildings would total about 18,000 square feet, with 14 units and a 2,570-square-foot retail space.

The third building, on the north side of 25th Street, would be a 27,500-square-foot black and orange masonry structure with a retail space on its southeast corner of 2,500 square feet. The 32 apartments would be accessible from multiple walk-up entrances, with many units featuring prominent bay windows to the east.

“We were very intentional in the design, as we wanted it to please and delight people when they look at it,” said Nathaniel Vezolles, vice president of development for Chatham Park Development. He said Fall Creek Place neighborhood residents and leaders have generally approved of the design.

The buildings, which would range from 39 to 45 feet in height, are expected to include a total of 5,000 square feet of retail space and would be managed by Chatham Park. The northern building would have a 37-space surface lot to its rear, on the western portion of the lot, while the southern buildings would share a 20-space lot.

The property is currently owned by Redline Holdings III LLC, a property-specific subsidiary of  the Indianapolis Neighborhood Housing Partnership, or INHP. The land is under contract pending city approvals of the project. The land is currently mostly vacant.

Vezolles said the “people-first” design is one that will continue to be tinkered with throughout the approval and construction process, to ensure the final product fits with the rest of the neighborhood, particularly the 25th and Delaware streets area, which has been anchored by butcher shop and deli Goose the Market since 2007.

The walk-up style approach to the development, rather than a taller or more uniform design, Vezolles said, “helps create a scale that feels appropriate for this neighborhood, while still creating units that are going to have an impact.”

The apartments are expected to be a mix of 40 one-bedroom units and six two-bedroom units at about 625 square feet and 1,200 square feet, respectively. The buildings combined will total 46,100 square feet and cost $12.2 million.

While rent rates have not been finalized, Vezolles said the project will focus on affordable and workforce housing, which typically targets individuals and families making 80% to 120% of the area’s median income.

The INHP placed a covenant on the property that requires some portion of any apartments built on the site to have rents affordable for those making lower incomes, with a threshold of 20% of the units at 80% of the area’s median income.

The developer is also in negotiations with the city to secure tax-increment financing incentives for the project. As required to receive such funding, Chatham Park plans to set aside 10% of the units—five total—for those making up to 50% of the area median income. Doing so would also meet the INHP’s requirements, Vezolles said.

Aside from incentives, Chatham Park is also seeking approvals from the city’s Metropolitan Development Commission to rezone the 0.94-acre site to MU-2, which allows for mixed-use projects. Currently, the parcels are zoned for D-8 (dwelling), SU-7 (special uses) and MU-2. The developer is also seeking multiple variances for the project related to its design, as well as parking and setbacks from the street.

The MDC hearing examiner, which advises the full commission, gave preliminary approval for the rezoning and variance requests on March 29, with a hearing on the matter expected April 17.

The project is intended to serve as a model for Chatham Park Development and other firms to work in neighborhoods across the city, Vezolles said. The focus from that is to add more housing, retail and amenities in a sustainable manner that still allows for unique building designs inspired by historical buildings that have been torn down across the city over the years to make way for larger and more dense apartment buildings and other development.

In addition to the project at Fall Creek Place, Chatham Park is also a partner on a project IBJ exclusively reported on last week, a 12-story apartment and retail building at 501 Indiana Ave.

“We want to do more of this, and create more urban nodes across the city, so there’ll be more of these to come,” he said. “We are taking a different approach with this people-first approach to development … so, there’s going to be a lot more interesting concepts to come.”

Indianapolis-based Studio M is the architectural firm on the Oxford Row project.